i don't personally deal with banking & bankruptcy but as per my limited knowledge on the subject, this situation will end up at the mumbai bench of the nclt....as of now sbicap is acting as the transactional advisor & the company has still not gone into insolvency, but eventually will....

once that happens, as per the insolvency & bankruptcy code, this should be resolved within 280 days....but its not uncommon to come across situations where it takes longer than what the code indicates....

we are all new to ibc & nclt so as far as many are concerned, this is still a learning process & we have a long way to go before it is perfected....